On Thursday, our Under the Radar Moversnewsletter suggested putting small cap onshore oil stock Evolution Petroleum Corp (NYSEMKT: EPM) into an aggressive short-term portfolio:
The oil property developer fits into the bullish call we (re)made for exploration and production stocks in yesterday’s newsletter, and like the industry chart, the long-term chart of EPM looks like it’s getting increasingly healthier for the long haul
First, the chart. With this week’s strength we can see EPM is trying to punch through the ceiling around $5.97, using the 100-day moving average line as a pushoff point (following the cross of the 100-day line above the 200-day moving average line). What’s missing is volume, but we can do without for the time being.
As for fundamentals. it’s interesting that Evolution Petroleum started to do better in 2014 when oil started to implode. We don’t think this inherently means crude oil prices have to be weak for Evolution Petroleum to thrive. It is evidence, however, that Evolution Petroleum can thrive in various environments. Either way, clearly somebody thinks EPM is headed into a heyday of revenue and earnings. It’s not like they pull the outlook out of a hat. Ironically, I suspect moderated oil prices are the sweet spot for Evolution Petroleum, which is what we’re apt to get for the next several quarters.
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- [By WWW.THESTREET.COM]
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- [By Paul Ausick]
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- [By WWW.MONEYSHOW.COM]
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